2024-03-06 16:47:10 ET
Elia Group SA (ELIAF)
Q4 2023 Earnings Conference Call
March 06, 2024, 04:00 ET
Company Participants
Marleen Vanhecke - Head, Group Communication & Reputation
Catherine Vandenborre - Interim CEO, CFO
Yannick Dekoninck - Head, Capital Markets
Marco Nix - Interim CFO
Conference Call Participants
Mafalda Pombeiro - Goldman Sachs Group
Wim Lewi - KBC Securities
Juan Rodriguez - Kepler-Chevreux
Olly Jeffery - Deutsche Bank
Piotr Dzieciolowski - Citigroup
Thijs Berkelder - ABN AMRO Oddo
Kris Kippers - Degroof Petercam
Presentation
Marleen Vanhecke
Good morning, everyone. Thank you for joining us for this livestreamed event, which we are filming from our Brussels studio. Over the course of the next hour or so, we will cover the full-year results of Elia Group. For this, the Group's Interim CEO and CFO, have joined us, Catherine Vandenborre and Marco Nix. Welcome.
What's on the agenda? We will first look back at our most important achievements from 2023. Our activities in Belgium and Germany are clearly accelerating. We will provide you with an update regarding our most important projects. And of course, we will also revisit our first acquisition in the United States. So we have many topics lined up for an interesting discussion with Catherine Vandenborre. Marco Nix will then take us through the results of 2023 and the outlook for the rest of the year.
First, let's take a look at the least interesting but nevertheless important slide of this presentation, the disclaimer. Before we can continue, you must take note of the information which is on screen now. And later today, both the presentation slides and the script will be made available on our website.
Let's start off with some exclusive images of the construction yard in Vlissingen in the Netherlands. Along with our partners, we have started building the caissons or the foundations of the Belgian Princess Elisabeth Islands. The artificial energy island which will be located 45 kilometers off the Belgian coast is a world first it will connect new wind farms and additional interconnectors to the Belgian onshore grid. Only a year ago, we have announced that the contract for the construction of the caissons had been awarded to the DEME Jan De Nul consortium. Catherine, I'm sure that you are as pleased to see that the project is really kicking off, so it's really taking shape.
Catherine Vandenborre
Yeah, absolutely, Marlene. And let me elaborate a little bit on the progress we made. Immediately after we were awarded the contract, our teams in the consortium began working hard on the final design. We also tested the resistance, the resistance of the future islands against heavy storms and tidal waves using a small model of it. This happened in a special lab in Denmark.
Then, last Friday, the Belgian government awarded domain concession for the islands. This was the last legislative steps before the installation of the caissons could start at sea. The construction of the foundation will take about two years to complete. Before the summer, we expect to have the first caisson installed on the seabed. So to confirm, Marlene, I am very pleased that the project is beginning to shape.
Marleen Vanhecke
Yeah. And we have more good news to announce regarding the Belgian energy islands. The European Life program that supports nature and biodiversity has chosen the bird protection program, which is included in the project, to receive financial support amounting to EUR3.7 million. Elia along with the nature conservation and marine environment experts from Belgian and European organizations will work on protecting the black-legged kittiwake, a vulnerable species of birds. Ledges will be attached to the outer storm walls of the island, where the kittiwake will be able to rest and to breathe.
And additionally, below the waterline, several measures will be implemented to create a diverse and rich artificial reef. A scientific and monitoring program will be rolled out to follow up the results of this unique project, and we will make adjustments where necessary. So I'm really keen to see what the benefits of this measure will deliver. Catherine, the kick-off of our flagship project has started. It's clear we have really shifted into higher gear with this project.
Catherine Vandenborre
Absolutely, and let me give you some examples. In 2023, 50Hertz was given the permit to construct 552 kilometers of new network infrastructure, 304 kilometer of onshore, and 248 kilometer of offshore infrastructure. That's a clear record. On the right hand side of the slide, you can see how this compares with previous years. It's about quadruple the length of lines approved in '22....
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Elia Group SA (ELIAF) Q4 2023 Earnings Call Transcript